Magnus Capital Partners has secured a debt and equity package of $90.8 million for the development of HōM Flats at 28 West’s third phase, a 200-unit partially affordable project in Wyoming, Mich.
Merchants Capital secured the funds, which included a $43.5 million construction bridge loan issued by Merchants Bank, a $30.6 million Freddie Mac 4 percent unfunded TEL, as well as $16.7 million in 4 percent LIHTC equity.
This third stage will consist of one- to three-bedroom layouts across four buildings, including a five-story structure. Amenities will include 8,894 square feet of ground-floor commercial space, a childcare center, indoor bike storage, a gym, a dog park, as well as a resident cafe and remote workspaces.
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The project is set to encompass 162 income-restricted units reserved for individuals earning between 40 and 80 percent of the area median income. The remaining 38 units will be market rate. Stages one and two delivered 386 units in 2022.
Located in Wyoming’s downtown area, HōM Flats at 28 West is adjacent to a shopping center and is within walking distance of several transit stops. Downtown Grand Rapids, Mich., is about 5 miles northeast.
Magnus’ HōM Flats-branded properties feature programs such as Preferred Employer and PASS, which aid residents by offering workforce housing to locals employed at small businesses. The company has invested more than $1 billion across value-add, multifamily and commercial projects throughout the U.S., including five HōM Flats workforce housing communities.
Grand Rapids’ income-restricted deliveries spike
Metro Grand Rapids had more than 4,400 total multifamily units under construction as of December, of which about 17.3 percent were within fully affordable properties, according to Yardi Matrix data. Developers delivered upward of 1,500 apartments during 2025’s first 11 months, marking a slight 2.9 percent decline year-over-year.
More than half of the apartments delivered across the market year-to-date through November are within fully affordable properties, the same data provider shows. That represents a notable improvement from the 16 percent registered in 2024.
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